How Are Gambling Winnings Taxed?

How are gambling winnings or losses taxed?

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LINKS: https://www.irs.gov/taxtopics/tc419#:~:text=Gambling%20winnings%20are%20fully%20taxable,such%20as%20cars%20and%20trips

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Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.